Respectfully Disagree. Sames as Future earnings or selling a business on future Valuation. BTGI will max A/S IMO. BTGI CEO has history of always "SELLING" more tickets. Using the History of BTGI, PPS has Risen just before Dilution, as you look at the Charts with Dates applied. Look at the ONE year chart to see why at .002.
The Problem: FAILURE by a CEO in PENNYLAND, is not only an Acceptable Practice, it REWARDS a CEO... It's much EASIER for CEO to make money selling Company shares, than Build a Company.